汇市股市同步承压，内外因素加剧“抛售日本”潮

Core Viewpoint - The ongoing sell-off in Japanese government bonds signals significant concerns regarding the country's fiscal health, exacerbated by a proposed large-scale economic stimulus plan exceeding 20 trillion yen, which could further strain Japan's finances [1][2]. Group 1: Market Reactions - Japanese government bond yields have surged, with the 10-year yield reaching 1.8%, the highest since 2008, and the 40-year yield hitting a historical peak of 3.695% [2]. - The Nikkei 225 index has experienced substantial declines, erasing most gains since the new Prime Minister's election, indicating investor anxiety [2]. - The Japanese yen has weakened against the dollar, falling below 157 yen per dollar, reflecting market instability [2]. Group 2: Government Actions and Plans - The government is preparing a supplementary budget of at least 25 trillion yen to support economic recovery and protect households from rising prices, which is expected to lead to increased issuance of long-term bonds [2][4]. - Recent discussions between government officials and the Bank of Japan focused on maintaining communication regarding market conditions, although no specific currency discussions were held [3]. Group 3: Investor Sentiment and Concerns - Investors are increasingly worried about the fiscal risks associated with the proposed stimulus, fearing that it may necessitate further bond issuance [4]. - The recent cancellation of the annual "primary balance" target and proposed changes to corporate governance have heightened investor concerns, contributing to market volatility [4]. - Analysts warn that if the government's credibility is undermined, a broader sell-off of Japanese assets could ensue, reflecting a growing perception of economic chaos [6].